Very strong capital and earnings position, supported by low credit risk profile Supportive customer base and important role as a service provider to Australian Credit Unions Sound management team and strategy Susceptibility of business franchise to industry consolidation and other service providers Exposure to high operating risks, relating to its management of the payments function for credit unions Our ratings on Cuscal reflect the stand-alone credit profile (SACP) for a financial institution operating only in Australia; plus Cuscal's "moderate" business position, "very strong" capital and earnings position, "adequate" risk position, "average" funding, and "adequate" liquidity. Our bank criteria use the BICRA economic risk and industry risk scores to determine a bank's anchor SACP, the starting point in assigning an ICR. The
